Whatever the fundamental outlook is right now (consensus speaks for a weaker dollar), the Greenback seems to have found some more firm footing lately, recovering from oversold conditions. Against the euro, the largest currency in the USD’s trade weighted index, the dollar recovered again in yesterday’s trading. The main support level for the EUR / USD shorter term is at 1.3900; if broken, the EUR / USD market will go lower during this week.
This European morning, the dollar is gaining territory but still trading off of an overbought situation. Without some market-moving fundamental indicators scheduled for today, we expect this bid tone for the Greenback to remain in today’s market, as described in detail below, most probably breaking the 1.3900 support mark.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
In low volatility, the pair is on a slight recovery path this European morning and is currently trading at 1.3970, up from lows around 1.3900. We see another downmove coming today, most probably breaking the 1.3900 level on the down side.
GBP / USD
Cable took another dive in early European trading, right now to 1.6180, after some recovery in the Asian hours. We expect the recent lows around 1.6100 to be tested again in today’s trading and eventually surpassed on the downside.
USD / CHF
The dollar seems to be preparing a springboard for an upmove today, trading currently above a solid support around 1.0850 and priced right now at 1.0865. We expect an upward attack today, to the 1.0950 resistance level.
USD / JPY
Consolidating lower levels in Asian trading, the dollar is maintaining this stance in this European morning, currently priced around 95.20. We expect another drop in this market today, leading to levels around 94.60.
This European morning, the dollar is gaining territory but still trading off of an overbought situation. Without some market-moving fundamental indicators scheduled for today, we expect this bid tone for the Greenback to remain in today’s market, as described in detail below, most probably breaking the 1.3900 support mark.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
In low volatility, the pair is on a slight recovery path this European morning and is currently trading at 1.3970, up from lows around 1.3900. We see another downmove coming today, most probably breaking the 1.3900 level on the down side.
GBP / USD
Cable took another dive in early European trading, right now to 1.6180, after some recovery in the Asian hours. We expect the recent lows around 1.6100 to be tested again in today’s trading and eventually surpassed on the downside.
USD / CHF
The dollar seems to be preparing a springboard for an upmove today, trading currently above a solid support around 1.0850 and priced right now at 1.0865. We expect an upward attack today, to the 1.0950 resistance level.
USD / JPY
Consolidating lower levels in Asian trading, the dollar is maintaining this stance in this European morning, currently priced around 95.20. We expect another drop in this market today, leading to levels around 94.60.
